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Now Reading: ₹378.9 Crore Cryptocurrency Theft: Bengaluru Firm Employee Arrested
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₹378.9 Crore Cryptocurrency Theft: Bengaluru Firm Employee Arrested
Swift summary:
- Incident: Bengaluru-based Neblio Technologies Pvt. Ltd., a cryptocurrency exchange firm, reported a cyber fraud involving the theft of cryptocurrency worth ₹378.9 crore.
- Timeline of Hack: The hack occurred on July 19, with two transactions at 2:45 am (1 USDT transferred) and later at 9:40 am ($44 million or ₹378.9 crore transferred to multiple anonymous wallets).
- employee Suspected: Rahul Agarwal, an employee of the firm whose laptop was hacked, confessed to earning ₹15 lakh from an unauthorized part-time IT job using his office laptop.
- Suspicion Raised: company suspects collusion between Agarwal and cyber fraudsters but is also probing whether he was unknowingly used in the cyberattack.
- Current Status: Agarwal has been arrested; police investigation is ongoing to establish the extent of his involvement and trace stolen funds.
- Recovery Challenges: Whitefield Cyber Crime Police noted that cryptocurrencies cannot be frozen within virtual wallets but may only be recoverable if converted into real currency.
Indian Opinion Analysis:
This case highlights significant vulnerabilities in managing cybersecurity for cryptocurrency exchanges in India. Technology firms like Neblio Technologies must enforce stricter controls over access and usage of company devices by employees, especially given the sensitive nature of digital assets involved. while arresting Rahul Agarwal accounts for one aspect of accountability, system-wide lapses-such as inadequate monitoring or failure to detect early signs of intrusion-demand broader organizational reforms.
The inability to freeze stolen cryptocurrencies underscores systemic issues with regulation concerning digital currencies in india. Authorities will need stronger frameworks for tracking assets across decentralized platforms to mitigate such risks effectively in future cases. Furthermore, this incident should prompt advanced security protocols within Indian crypto exchanges as thes platforms gain prominence globally.
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